The much awaited and talked about GST regime in India is finally attaining certainty with a four-slab GST tax structure of 6, 12, 18 and 26 per cent being mooted at the GST Council meet after unveiling of the Model GST Law in June 2016 (GST Law).
The government, which proposes to implement the new pan-India indirect tax regime from the start of the next fiscal in April 2017, has been moving ahead with finalizing online processes for registration, refunds, returns filing and payments.
Manufacturers’ Association of Information Technology (MAIT) appreciates the concerted efforts of the Government to bring all stakeholders on board to finalize India’s new GST Law, which appears to be comprehensive in its approach. Stakeholders are optimistic that the GST tax structure being discussed will be in favor of the ICT industry. MAIT is recognized by both Govt. and Industry for its role in the growth and development of the IT Hardware industry in India and has emerged as a strong and effective mouthpiece of the industry in the government corridors.
Nitin Kunkolienker, Vice President, MAIT and Director-Corporate Affairs, Smartlink Network Systems is of the opinion that MAIT is very keen to see implementation of GST, which can potentially transform the Indian economy into a major global player.The spending on e-Governance would also fuel demand for IT products. After EVMs and UID, GST would be the third most important all time public digital transformation initiative for India.
Kunkolienker further added that The IT-Electronics industry at large welcomes the proposed move to the GST regime, which would pave the way for a simplified and homogenous tax structure for goods and services across India.
By Baishakhi Dutta
